Cascade Corporation, the Fairview-based manufacturer of forklift attachments, said Monday that it would be acquired by Toyota Industries Corp. in a cash transaction valued at $759 million.

The deal represents a 23 percent premium over Cascade's average share price for the past 60 days. It will also prove lucrative for the Warren family, which controls about 1.9 million shares worth about $125 million based on the buyout price.

Cascade is one of several industrial companies launched by members of the Swigert family, including the industrial manufacturing company Esco Corporation and the forklift maker Hyster Co.

Cascade was founded in 1943 when five Esco investors put up $1,500 each to start a machine shop. They hired Robert Warren Sr., the son-in law of Ernest Swigert, to run the company. Swigert's grandson, Robert Warren Jr., 64, is president and chief executive of the company today, and will continue in his position after the transaction closes, the companies said.

Warren said Monday that Cascade, which employs 1,900 worldwide, including 220 in Portland, would become a wholly-owned subsidiary of Toyota, but that customers would notice little difference in day-to-day operations.

"We plan to remain Cascade Corp., based here in Portland, with our current products, policies and customers," he said. "They have asked us to stay around for a number of years. Hopefully we'll be able to lead this company through the transition and into some of the growth prospects that we see as a result of this transaction."

Cascade reported operating profits of $87.4 million and net income of $63 million on sales of $535.8 million in the year ended Jan. 31 2012.

The company has built back sales and earnings following the 2008 downturn, which was shortly preceded by two acquisitions in the construction equipment sector that compounded Cascade's difficulties in its core business. Warren said Cascade's directors had explored a number of ways to increase returns to shareholders of its thinly traded stock, including stock buybacks and acquisitions outside its core business. The deal with Toyota, he said, represents an opportunity to create a global materials handling business with a wider product line and greater growth potential.

Cascades earnings have flagged in recent quarters due to lower sales in China and Europe and currency fluctuations. The company said earning in the second quarter dropped 8.8 percent to $12.6 million on slightly higher revenues of $136.4 million.

The deal is subject to regulatory approval in the U.S. and Europe. Toyota will begin a tender offer for Cascade shares no later than Nov. 5 and the companies hope to close the deal by the end of the year.

In trading on the New York Stock Exchange on Monday, Cascades shares jumped 18 percent, or $9.89, to close at $64.97.